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Money is borrowed at 12 ​% simple interest. After one​ year, ​$1023.68 pays off the loan. How much was originally​ borrowed?

Money is borrowed at 12 ​% simple interest. After one​ year, ​$1023.68 pays off the loan. How much was originally​ borrowed?
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0 votes
Money is borrowed at 12

​%
simple interest. After one​ year, ​$1023.68

pays off the loan. How much was originally​ borrowed?

asked
User Arnav Yagnik
by
8.8k points

2 Answers

2 votes
1023.68 is 112% is the equation

answered
User Yurii Buhryn
by
8.2k points
3 votes
Because 1023.68 is 112% of the loan, you can divide by 1.12 to get 914, which is the answer
answered
User Calen
by
8.3k points
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